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Notable Trends in Indian Railways… (1/4) RAILWAYS January 2021 For updated information, please visit www.ibef.org Table of Contents Executive Summary 3 Advantage India 4 Market Overview 6 Recent Trends and Strategies 15 Growth Drivers and Opportunities 21 Key Industry Contacts 34 Appendix 36 2 Executive summary 2. GROWING PUBLIC-PRIVATE PARTNERSHIP (PPP) 3. GROWTH INITIATIVES . Private sector companies are being encouraged to participate in rail . India will build its first railway station inside a tunnel at a height of projects, which were largely in the public domain. The cabinet approved 3,000 meters and length of 27 km on Bilaspur-Manali-Leh line in ‘participative models for rail-connectivity and capacity augmented Himachal Pradesh. projects’, which allowed private ownership of some railway lines. Under the Union Budget 2020-21, the Government allocated Rs. The second Tejas Express was flagged off in January 2020 on the 72,216 crore (US$ 10.33 billion) to the Ministry of Railways. Ahmedabad-Mumbai route. Indian manufacturers, under the ‘Atmanirbhar Bharat’ initiative, . The government has announced two key initiatives for seeking private are being urged to develop an alternative to high-tech machines investments—running passenger trains by private operators across the that are needed to build high-speed rail speedily for the country’s railways network and redevelopment of railway stations across the first high-speed rail corridor connecting Ahmedabad and Mumbai. country. According to Indian Railways, these projects have the potential . tAs par of the National Rail Plan, Vision 2024 has been launched of bringing an investment of over US$ 7.5 billion in the next five years. for accelerated implementation of certain critical projects. Several high-speed rail corridors have been identified to this end. 1. WORLD’S THIRD- 4. MODERNISATION/ LARGEST RAIL NETWORK TECHNOLOGY • As of FY19, the Indian UPGRADATION Railways had 13,523 . Indian Railways will use LiDAR passenger trains and 9,146 (Light Detection and Ranging) freight trains. technique, with laser-enabled • On the commercial front, equipment mounted on a freight traffic of Indian helicopter, to survey the surface Railways increased to 2 3 for the Delhi-Varanasi high-speed 1,221.39 million tonnes in rail corridor. FY19. As of January 2020, . In a bid to provide storm warnings freight traffic in FY20 and other weather updates to (provisional) stood at to 999.51 station masters and passengers, million tonnes. the Indian Railways installed 1 4 automated weather forecast equipment at 19 stations under the North Western Railway zone. 3 Advantage India 4 Advantage India 1. Growing demand 2. Opportunities ► Increasing urbanisation and ► Freight traffic is set to increase rising income (both urban and significantly due to rising rural) are driving growth in the investments and private sector passenger segment. participation. ► Growing industrialisation across ► Metro rail projects are being the country has increased freight envisaged across many cities traffic in the last decade. over the next ten years. ► India is projected to account for 1 2 40% of the total global share of rail activity by 2050. 4. Higher investment ADVANTAGE 3. Policy support INDIA ► FDI inflows in railway-related ► The Government has increased components stood at US$ 1.12 4 3 the scope of PPP beyond billion from April 2000 to providing maintenance and other September 2020. such supporting roles. PPP is ► Investment in Railway’s being utilised in areas such as infrastructure is estimated to redevelopment of stations, increase from US$ 58.96 billion building private freight terminals in 2013-17RE to US$ 124.13 and private container train billion in 2018-22E.^ operations. ► It is estimated that Railway’s ► Government has allowed 100% infrastructure would need an FDI in the railway sector. investment of Rs. 50 lakh crores (US$ 715 billion) between 2018- 30. Note: FDI - Foreign Direct Investment, ^As per CRISIL Infrastructure Yearbook 2017, RE - Revised Estimates, E - Estimate Source: Railway Budget 2019-20, Press Information Bureau, Department for Promotion of Industry and Internal Trade in source,, The Future of Rail Opportunities for energy report by International Energy Agency 5 Market Overview MARKET OVERVIEW 6 Indian railways has two major segments . Indian Railway (IR) is: • a departmental undertaking of the Government of India, which owns and operates most of India's rail transport. • overseen by the Ministry of Railways. AsY of F 19, IR had a total route network of ~67,415 kms. It operates more than 22,669 trains daily. It has 0.289 million wagons, 74,003 coaches and 12,147 locomotives. Over 23 million passengers travel by train daily in India. The passenger traffic Passenger stood at 8,438.46 million in FY19 and is expected to increase to 15.18 billion by FY20. Railways . Around 1,221.39 million tonnes of freight was transported via trains in FY19 and 2,165 million tonnes is expected to be transported in FY20. Freight . These include a huge variety of goods such as mineral ores, iron, steel, fertilisers, petrochemicals and agricultural produce. Source: Ministry of Railways, Make In India, Railway Budget 2019-20, Indian Railways Statistical Publications 2019-20 7 Strong revenue growth for Indian railways . Revenue growth has been strong over the years. Indian Railways’ revenue Gross revenue trends over the years (US$ billion) reached US$ 24.78 billion in FY20. Indian Railways has undertaken various measures to boost revenues 25.80 including: • Passenger Earnings - introduction of new trains, operation of special 25.60 trains during peak seasons, running premium special trains with 25.69 25.40 dynamic pricing 25.56 • Freight Earnings - reduction in distance of mini rakes, withdrawal of port 25.20 congestion charge, rationalisation of Merry-go-Round policy • Parcel Earnings - leasing parcel space to private parties, liberalisation 25.00 of parcel policy 24.80 25.02 • Other Earnings - adoption of bulk advertising rights, vinyl wrapping of trains, right of way charges 24.60 24.78 . Indian Railways is also looking at other areas of revenue generation such 24.64 as the following: a) Change in composition of coaches so that it can push 24.40 the more profitable AC coach travel; b) Additional revenue streams by monetising traffic on its digital booking IRCTC; and c) Disinvesting IRCTC 24.20 . RailTel, a PSU under the Railway Ministry, which provides fast and free 24.00 Wi-Fi across the Indian Railways network, announced its highest-ever consolidated income of Rs. 11,660.05 million (US$ 158.48 million) for FY16 FY17 FY18 FY19 FY20 FY19-20. This income figure is a 12.3% growth over the consolidated income in FY18-19. Note: CAGR - Compound Annual Growth Rate, E - Estimates, P - Provisional, FY - Indian Financial Year (April-March), PSU – Public Sector Undertaking Source: Ministry of Railways 8 Segment-wise revenue growth for Indian railways Passenger earnings (in US$ billion) Earnings from freight (in US$ billion) ^CAGR 1.25% ^CAGR -0.68% 18.50 7.80 18.00 7.60 17.50 18.20 7.40 18.16 7.55 17.00 7.20 16.50 7.00 7.25 16.00 6.80 16.68 15.50 16.24 6.90 6.60 6.90 6.76 15.00 15.55 6.40 14.50 6.20 14.00 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 FY20P FY20P . Revenue from passenger segment of Indian Railways increased at a CAGR of 1.25% to reach US$ 7.25 billion in FY20 from US$ 6.90 billion in FY16. Freight earnings stood at US$ 16.24 billion in FY20. Increased carrying capacity, cost effectiveness, and improved service quality will see Railways incremental share from freight movement increasing from 35% to 50% by 2020. With 637.2 km of metro rail in 13 cities and over two dozen metro projects lined up, India’s metro rail network is expanding at a fast pace. In November 2020, Indian Railways freight loading stood at 109.68 million tonnes, up from 100.96 million tonnes in November 2019. The Indian Railways earned Rs. 10,657.66 crore (US$ 1.44 billion) from freight loading—a 4% or Rs.449.79 crore (US$ 61.13 million) increase y-o-y. Notes: CAGR - Compound Annual Growth Rate, FY-Financial Year, Exchange Rates used are averages of the year, P - Provisional Source: Ministry of Railways, News Article 9 Freight accounts for more than two-thirds of railway’s revenues . Freight business for Indian Railway is supported by 9 commodities, Revenue break-up by segment (FY20) few of them being coal, iron, steel, iron ore, food grains, fertilizers, petroleum products. Indian Railways’ freight business increased nearly seven times in the last fifty years - from 167.39 million tonnes in 1970-71 to 1159.55 4.1% million tonnes in 2017-18. 3.3% . Freight remains the major revenue earning segment for Railways, accounting for 64% of the total revenue in FY20, followed by the Freight passenger segment. Profit from the freight segment is used to cross-subsidise the Passenger passenger segment. 28.6% . Dedicated Freight Corridor Corp. of India Ltd. (DFCCIL) is already Other coaching building two freight corridors - Eastern Freight Corridor from Ludhiana to Dankuni (1,856 km), and Western Freight Corridor from 64.0% Dadri to Jawaharlal Nehru Port (1,504 km), at a total cost of Rs. Sundry 81,000 crore (US$ 11.59 billion). A total of 1,231 freight customers are availing E-payment facility since November 2019. On July 27, 2020, the average speed of freight trains was 46.16 kmph, which is more than double as compared to last year on the same date (22.52 kmph), and total loading stood at 3.13 million tonnes. Indian Railways plans to achieve 2,024 MT (metric tonne) loading in 2024 from the current 1,200-1,300 MT.
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